Capitaland buys residential site in Ho Chi Minh for $247m

It is Capitaland's 11th residential development in Vietnam.

CapitaLand Limited buys a residential project in District 4 of Ho Chi Minh City for $247m (US$177m).

According to a press release, the site is 1.45 hectares and will be developed into a 870-unit residential development.

The move boosts CapitaLand’s presence in Vietnam as the latest residential site is its 11th residential development in the country and ninth in Ho Chi Minh.

As of September, CapitaLand’s Vietnamese portfolio includes 11 residential developments, 21 serviced residences and one international Grade A office development across six cities in Vietnam, accounting for $2b worth of gross assets under management.

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